Anti-Money Laundering Acronyms
Confused by all the abbreviations and acronyms used in the world of financial crime prevention and AML compliance? We have created a shortlist of the most referred to acronyms in AML/CFT.
A
ACAMS – Association of Certified Anti-Money Laundering Specialists
ARS – Alternative Remittance System
AML – Anti-Money Laundering
AMLCTF – Anti-Money Laundering Countering Terrorist Financing
AMLD – Anti-Money Laundering Directive
APG – Asia Pacific Group on Money Laundering
APTs – Asset Protection Trusts
ARS – Alternative Remittance System
ATMs – Automatic Teller Machines
B
BIS – Basel Committee on Banking Supervision
BMPE – Black Market Peso Exchange
BO – Beneficial Ownership
BSA – Bank Secrecy Act
C
CDD – Customer Due Diligence
CFATF – Caribbean Financial Action Task Force
CRO – Chief Risk Officer
CRS – Common Reporting Standard
CSP – Corporate Service Provider
CTR – Currency Transaction Reporting
D
DOJ – Department of Justice (US)
DNFBP – Designated Non-Financial Businesses & Professions
E
EAG – Eurasian Group on Combating Money Laundering & Financing of Terrorism
EDD – Enhanced Due Diligence
EFT – Electronic Funds Transfer
EGFIU – Egmont Group of Financial Intelligence Units
ESAAMLG – Eastern & Southern African Anti-Money Laundering Group
EU – European Union
F
FATCA – Foreign Account Tax Compliance Act
FATF – Financial Action Task Force
FCA – Financial Conduct Authority (UK)
FinCEN – Financial Crimes Enforcement Network
FSRB – Financial Action Task Force Regional Body
FIU – Financial Intelligence Unit
G
GAFILAT/GAFISUD– Financial Action Task Force on Money Laundering in Latin America
GCC – Gulf Cooperation Council
GRC – Governance Risk & Compliance
H
HMT – her Majesty’s Treasury (UK)
HNWI – High Net Worth Individual
I
ID&V – Identification & Verification
IVTS – Informal Value Transfer System
IBC – International Business Company
IMF – International Monetary Fund
ISIL – Islamic State of Iraq & The Levant
ISIS – Islamic State of Iraq & al-Sham
J
JMLIT – Joint Money Laundering Intelligence Taskforce
JMLSG – Joint Money Laundering Steering Group (UK)
K
KY3P – Know Your Third Party
KYC – Know Your Customer
KYCC – Know Your Customers Customer
KYE – Know Your Employee
L
LoR – Letter of Credit
M
MOU – Memorandum of Understanding
MLRO – Money Laundering Reporting Officer
MSB – Money Service Business
MENAFATF – Middle East & North Africa Financial Action Task Force
MONEYVAL – Council of Europe Select Committee of Experts on the Evaluation of Anti Money Laundering Measures
MLAT – Mutual Legal Assistance Treaty
N
NGO – Non-Governmental Organisation
NPO – Non-Profit Organisation
O
OFC – Offshore Finance Centre
OECD – Organisation for Economic Cooperation and Development
OFAC – Office of Foreign Asset Control (US)
OFSI – Office of Financial Sanctions Implementation
P
PATRIOT – The Uniting and Strengthening America by Providing Appropriate Tools required to Intercept and Obstruct Terrorism Act 2001
PEP – Politically Exposed Person
PIC – Private Investment Company
PSP – Payment Services Provider
R
RBA – Risk Based Approach
RCA – Relative or Close Associate
S
SAR – Suspicious Activity report
SDN – Specially Designated National
SIP – Special Interest Person
STR – Suspicious Transaction Report
T
TBML – Trade Based Money Laundering
TCSP – Trust & Corporate Service Provider
TF – Terrorist Financing
TI – Transparency International
U
UBO – Ultimate Beneficial Owner
UN – United Nations